Sunday, September 15, 2019

Malaysia’s services sector revenue up 6.5% in 2Q19

PETALING JAYA:Malaysia’s services sector increased 6.5% in the second quarter of 2019 with a revenue of RM441.3 billion against the same period of the previous year, according to the Department of Statistics.

“The growth was driven by wholesale & retail trade, food & beverages and accommodation segment, where it increased to RM349.3 billion (+6.4%). Besides, the growth was also contributed by information & communication and transportation & storage segment which recorded a value of RM65.9 billion (+6.9%),” said chief statistician Malaysia Datuk Seri Dr Mohd Uzir Mahidin in a statement.

Meanwhile, the services sector increased 2.3% or RM10 billion against the previous quarter.

One the whole, the services sector engaged 3.8 million persons, an increase of 96,049 persons or 2.6% compared to the same period in the previous year.

The growth was led by the wholesale & retail trade sub-sector which an increment of 44,494 persons or 2.5%, followed by the food & beverages sub-sector with an increase of 36,635 persons or 4.4%.

On a quarterly basis, employment in the services sector increased by 55,661 person or 1.5%.

“Salaries and wages paid also registered an increase of RM1.1 billion with a growth of 4.4% on a year-on-year comparison, propelled by wholesale & retail trade sub-sector with an increment of RM491.4 million or 4.1%,” said Uzir.

Salaries and wages recorded an increase of RM531.1 million (2.2%) quarter-on-quarter.